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Four companies compete for Croatia's biggest railway project
Four companies have submitted bids to rebuild an 83 km railway in central Croatia and build a new track. This is the largest rail project the country has ever undertaken, estimated at 620 million euro ($725m), according to a state infrastructure company. HZ Infrastruktura announced on its website that the reconstruction of Dugo Selo - Novska will be financed by funds from the European Union. HZ Infrastruktura reported that a consortium consisting of Ashoka Buildcon Ltd., Serneke International Group AB, and Konkan Railway Corp Ltd. offered to complete the work at a cost of 780 million Euros. Afcons Infrastructure Ltd submitted a bid of 677 million euros, while Turkish companies Dogus Insaat ve Ticaret Anonim Sirketi (also known as Dogus Insaat ve Ticaret Anonim Sirketi) and Cengiz Insaat Sanavi ve Ticaret A.S. bid 990 and 873 millions euros respectively. HZ Infrastruktura stated that the bids would be evaluated within the time limit set by law, and a contract would only be signed once the most economically advantageous offer was selected. The estimated duration of the project is six years. ($1 = 0.8592 euros)
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Mexico does not see any reason why the US should impose sanctions against airlines
Sheinbaum pointed out that the United States had not yet informed her government in writing of any possible sanctions against Mexico's aviation sector. She said she did not see a reason why the neighboring nation would take such measures. The comments follow the U.S. Department of Transportation's announcement on Saturday that it would respond to Mexico's decision of cutting flight slots and forcing cargo carriers to move operations to Mexico City. This will affect U.S. Airlines. Sheinbaum stated in her daily press briefing that there was no reason to sanction Mexico for the changes made to its airport system. Sean Duffy, the U.S. Transportation secretary, said in a Saturday statement that the department could reject new flight requests by Mexican carriers if it is not addressed concerns about airport decisions made in 2020 and 2022. According to a statement, the department will propose that Delta Air Lines withdraw its antitrust immunity for its joint venture Aeromexico in order to address concerns about competition.
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Abu Dhabi passenger traffic increases 13% in the first half despite regional challenges
Abu Dhabi Airports announced on Monday that passenger traffic increased by 13.1% to 15,8 million passengers in the first six months of the year. This is despite the periodic disruptions in air travel in the Middle East due to conflicts. The airport in Abu Dhabi, the capital of the United Arab Emirates, handled the majority of traffic. It had 15.5 million passengers. This was an increase of 13.2% compared to the first half last year. In the six-month period ending June 30, the number of flights at AUH rose by 11.4%, to almost 94,000. Abu Dhabi Airports announced that new airlines have joined their network, increasing the number of destinations to China and India. They also noted the demand for tourism and business travel. These increases were made despite disruptions, including a 12-day conflict between Israel and Iran that took place last month. This war forced the closure of airspace in several Gulf countries and forced airlines and airports to reroute and suspend some flights. Etihad Airways, Abu Dhabi’s main airline, temporarily cancelled flights to Kuwait, Doha and Dammam in Saudi Arabia and suspended Israel-bound flights during a few weeks of June. Last week, Wizz Air announced that it will cease its Abu Dhabi operations on September 1, citing various factors such as geopolitical instabilities. In a press release, Abu Dhabi Airports CEO Elena Sorlini stated that "the first six months of the year presented some operational challenges." She added that the results of the company demonstrated the resilience and strength of its network. Abu Dhabi Airports operates Al Ain International Airport as well as Al Bateen Executive Airport. Delma Island Airport is also operated by Abu Dhabi Airports. Reporting by Luke Tyson Editing Mark Potter
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Flexjet is valued at $4 billion following funding by LVMH-backed private investment firm
Flexjet announced on Monday that it raised $800m in a funding led by L Catterton. This private equity firm is backed by LVMH. The deal valued the U.S. Jet operator at $4billion, just two years after a failed deal with Todd Boehly’s SPAC. Funding comes at a time when more private companies are seeking to remain private and have greater control over their decisions, less regulatory scrutiny, as well as access to private capital. The round was also attended by affiliates of KSL Capital Partners, LLC, J. Safra Group, and other companies. This is a significant increase over the $3.1 billion that Flexjet had originally planned to raise through Todd Boehly’s blank-check company Horizon Acquisition Corp. II by late 2022. The deal fell through the next year. Flexjet wants to expand its fleet with an emphasis on larger aircraft, international flights and other services. Following a $7 Billion Deal with Embraer For 182 Phenom or Praetor Executive Jets with 30 additional options. JPMorgan analysts forecast that the deal will increase Embraer’s total backlog of about 26%, to $28,7 billion. Flexjet intends to double its fleet over the next five-year period. Kenn Ricci, Flexjet Chairman, said: "L Catterton offers the perfect opportunity to collaborate in areas such consumer insights, retail expansion and luxury product delivery." Flexjet, founded 30 years ago, provides fractional ownership, leasing and jet cards in the private aviation industry. Directional Aviation is the new owner of Flexjet, a private equity firm. Financial Times was first to report the funding round. Reporting by Surbhi Misra in Bengaluru and Pritam Biwas; editing by Rashmi aich and Tasim zahid
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Putin announces that foreign vessels will need to be approved by the FSB before entering Russian ports
According to a presidential decree, foreign vessels must be approved by the FSB to enter the Russian ports. In the decree, it was stated that the FSB (the main successor organization to the Soviet KGB) would be the one to agree with port authorities to allow foreign ships entry. The decree came into effect immediately. Previously, the Transport Ministry set entry rules and there were special procedures in ports near naval bases. It was clear that the new decrete would be applicable to all ports. The new decree did not give any explanation for the change. The West closely monitors Russian ships, including those of the shadow fleet that Moscow uses to avoid sanctions. The European Union lowered sanctions last week. Price cap Donald Trump has threatened to impose sanctions on Russia for its efforts to squeeze oil revenues Additional sanctions On Russia and its buyers unless they agree to end the Ukraine War.
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Kremlin admits Azerbaijani relations are strained, but hopes for a recovery
The Kremlin announced on Monday that the Russia-Azerbaijan relationship is going through a tough phase, but Moscow hopes they will recover. Ilham Aliyev, the Azerbaijani president, said on Saturday that he wants Russia to publicly admit it accidentally shot down a passenger plane from Azerbaijan in December last year, killing all 38 people aboard, and punish those responsible. In recent weeks, tensions between Moscow and Baku also increased following the death of two Azerbaijani men who were in Russian police custody. Dmitry Peskov, Kremlin spokesperson, said that the relations between Russia and Ukraine were built on a solid basis of common interests. Sometimes, there are tough times in the relationship between the two nations. "This is one of those periods, and we are hopeful that it will pass," he said to reporters. (Reporting and writing by Dmitry Antonov; editing by Mark Trevelyan).
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India's Zomato-parent Eternal reports 70% increase in quarterly revenue. Shares reach a 5-month high.
Eternal, an Indian online delivery company, posted a 70% increase in its first quarter adjusted revenue. This was largely due to a surge of orders for Blinkit, the quick commerce division. Shares of Eternal rose 7.5%. In India, the quick-commerce sector has become fiercely competitive, despite its rapid growth. Players such as Eternal Swiggy, and Zepto, a start-up, are battling to gain market share. Blinkit is widely regarded as the leader in this segment, as it delivers anything from groceries to electronic goods within 10 minutes. This is despite competitors such as Walmart-owned Flipkart, Tata-backed BigBasket and Amazon, who have deep pockets, increasing their presence. Eternal’s revenue from operating activities increased to 71.67 trillion rupees (from 42.06 trillion rupees) in the first quarter, compared with 42.06 trillion rupees one year earlier. After the results, its stock rose as high as 7.5% at 277 rupees, their highest since February 3, before closing with a 5.64% increase. The company's net profit fell by 90% to 250 million rupees (2.90 million dollars) due to higher costs at Blinkit. Quick commerce players are offering steeper discounts, free or subsidised deliveries and expanding their "dark store" network to compete with the competition. Eternal's total expenses increased by nearly 79%, to 74.33 trillion rupees.
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Kremlin acknowledges tension in Russia-Azerbaijan relationships
Dmitry Peskov, Kremlin spokesperson, said that Russia-Azerbaijan relationships are going through a difficult phase. However, Moscow is hopeful of an improvement, as both countries have common interests. In recent months, tensions between Moscow and Baku grew after several ethnic Azerbaijanis were detained in Russia. Two of these Azerbaijanis died in police custody. Ilham Aliyev said on Saturday that he wants Russia to publicly admit it accidentally shot down a passenger plane from Azerbaijan in December of last year and killed 38 people. He also wants to punish the responsible parties. At the time, President Vladimir Putin apologized to Aliyev over what the Kremlin referred to as a "tragic event" in Russia where an Azerbaijan Airlines aircraft crashed after Russian air defenses opened fire on Ukrainian drones. Putin did not say that Russia shot down the plane.
Gulf stocks hold steady as earnings outweigh US tariff worries
Investors weighed positive corporate earnings against the uncertainty of U.S. Trade Policy, following reports that Washington wants a minimum tariff of 15% to 20% in any agreement with the European Union.
In spite of global uncertainty, the steady price of oil and strong results from regional giants helped to offset external headwinds.
Saudi Arabia's benchmark stock index is on track to end its longest decline in two years with a 0.2% gain, driven by financials.
Saudi National Bank, which is the country's largest lender based on assets, gained over 1.5%, while Al Rajhi Bank (the largest sharia compliant bank) jumped more than 1%, after strong results in the second quarter lifted the sentiment of the entire banking sector.
The petrochemical company SIPCHEM, however, fell by 3.7% following a rare loss. This broke a five-year run of profitability.
Dubai's benchmark Index eased 0.1% due to broad-based declines, as investors lock in gains following a recent multiyear rally.
Air Arabia, meanwhile, soared by 5.1%, reaching a record high, after winning a bid for a new Saudi national low-cost airline that is set to launch in 2030.
Investors were looking for clues about the next direction of the market as they watched Abu Dhabi Index decline.
Qatar's stock market index rose 0.1% and is now nearing its two-year high, with a rise of 1.5% in Commercial Bank as the main driver.
Qatar International Islamic Bank was among the gainers. Its six-month profits rose by 5.2% on an annual basis. (Reporting from Amna Mariyam in Bengaluru and Ateeq Sharif in Mumbai; editing by Vijay Kishore).
(source: Reuters)